Arvest Bank of Fayetteville on Thursday announced a partnership with European technology companies Thought Machine and Accenture to deploy its next-generation core banking platform.
Arvest said in a news release that Thought Machine of London's cloud-native banking engine, The Vault, will provide customers with personalized, real-time services on digital platforms. Arvest is Thought Machine's first U.S. client.
The new core banking platform is part of a multi-year plan to transform Arvest's services, products and operations.
“As modern consumers’ lifestyles and digital banking expectations change, we want to ensure we deliver a banking experience that makes their lives easier today and well into the future," Arvest CEO Kevin Sabin said in the release. "A next-generation core engine powering Arvest will allow us to do just that.”
Accenture of Dublin will help Arvest "develop and strategically structure its future bank proposition," according to the release. It will also help Arvest select partners for its new ecosystem.
Arvest operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas.
In Arkansas, the bank leads the state in deposits. Its $13.3 billion represents 14.71% of all bank deposits in the state.